Host: Finally, Graham, I’m sure it’s hard to pick just one, but what’s the most important lesson that you’ve learned investing in the equity space?

Wong: So, the most important lesson for me is to be skeptical about consensus views and groupthink. So, whether it’s Enron and WorldCom back in the Dot Com Crash, Lehman Brothers during the GFC, or SiVB recently, consensus thought they were impeccable franchises before they all went to zero. And, you know, what that is, is consensus tends to ignore risks until they blow up. And then after they blow up, they overreact and sell off everything in that area.

So, our process is always to challenge consensus views by asking tough questions and then follow that up with our own rigorous analysis. When consensus overreacts after the fact, we look for opportunities to generate alpha for our customers. And so, basically, we zig when the market zags.